Save Money By Using A Home Insurance Calculator
Home insurance can be expensive with many people not knowing what kind of coverage they need. A home insurance calculator is a good way to estimate your premiums, determine the coverage you need, and get the most value out of your home insurance so you find the best for you.
A home is the most valuable item that most Canadians will ever own with it being a way for people to build capital and equity while raising a family. The value of a home means that homeowners have an interest in protecting their property and they can do this with homeowners insurance.
Use A Calculator For All Kinds Of Different Home Insurance Needs
Our insurance calculator is useful when shopping for other forms of property insurance. You can use our calculator when trying to save on types of insurance including: Renters/Tenant Insurance, Condo Insurance and Rental Property Insurance.
What’s Covered In Your Home Insurance?
A home insurance calculator is an easy way to start shopping for cheap home insurance. Our calculator will require you to enter some basic information about your home, belongings, and risk factors specific to your home.
It will determine your coverage needs by looking at four different categories.
Value Of Your Home And Cost Of Rebuilding
A home insurance calculator works by determining how much coverage you will need. The first thing the calculator will look at is the value of your home. The value of your home will consider the
- Price Of Your Home And Land
- Cost Of Rebuilding Your Home
It can seem difficult to determine the overall value of your home But you can use the original purchase amount of your home, and then look at some online real estate resources to determine the price. You could also have your home appraised.
Liability coverage is designed to protect you from legal responsibility such as if someone is injured in your home. Liability coverage is an important aspect of homeowners insurance with it allowing you to avoid unexpected major bills.
It can be difficult to determine how much liability insurance you need. A home insurance calculator will help you determine how much liability coverage you need by considering such things as your net worth and overall risk factors.
Your deductible is the amount you pay out of pocket when filing a claim. Your deductible amount will have an impact on your home insurance cost, but it is one of the easiest things to adjust about your policy.
A home insurance calculator will determine how high of a deductible you need in comparison to your net worth and the value of your home.
Having the right level of deductible is an important factor in saving on home insurance. A higher deductible will allow you to save on premiums. However, a lower deductible will add value by allowing you to avoid paying out of pocket.
Finding the right balance between saving on premiums while avoiding out of pocket costs is an important aspect of shopping for home insurance.
General Risks To The Home
Finally, a home insurance calculator will consider risks to your home when determining your rates. You can determine what risk category you fall into by considering a number of factors.
For example in general, an older home that is located in a high crime neighborhood will be in the higher risk category whereas a newer home with the mortgage paid off will have lower risks.
Your home’s risk level will be affected by factors including:
- Type Of Construction (Wood, Brick, Concrete)
- Type Of Wiring, Heating System, And Water Heater
- Specific Risks (Such As If It Is Near A Body Of Water)
- Local Crime Rate
- Claims History (Two Or More Claims Per Year is Considered High-Risk)
When Should You Use A Home Insurance Calculator?
Here at MyChoice our home insurance calculator is easy to use with customers able to see and compare a range of home insurance quotes in minutes. It’s important to use a home insurance calculator regularly but that being said in general there are three different occasions when you should review your coverage needs.
When First Shopping For Home Insurance
Obviously, you should use an insurance calculator when first shopping for insurance. A calculator will give you a good idea of the coverage you need.
When Reviewing Your Current Policy
You should review your insurance needs when you look over your policy. An insurance calculator will help you know if your current policy is both cheap and valuable.
When Updating Financials
Your financial situation can change a lot. You should update your financial information after you do something like remodel your home or purchase new belongings such as a car.
You may also want to update your information if your claims history changes such as if you file a claim or go several years without filing a claim.
What Are Some Benefits Of Using An Insurance Calculator?
An insurance calculator has several benefits such as:
- It Is Free To Use
- It Helps You Save Time
- It Helps You To Compare Different Insurance Options Available To You
- Allows You To Know What Coverage You Need
- Can Potentially Save You Money
Understand Home Insurance Rates When Shopping For The Best Policy
Home insurance can be expensive, and so it’s normal to try and save money on your policy.
The first part of saving money on your home insurance is to know how home insurance is calculated. There are a number of factors that go into calculating your home insurance premiums including:
- The Location of The Home
- How Far It Is Away From A Fire hydrant
- How Far It Is Away From A Fire hydrant
- Value of The Home
- Value of The Home
- Value of The Belongings in The Home
- Uses of The Home Such as If It Is A Rental
- Type of Electrical Wiring
- Type of Pipes
- Swimming Pool
- Security Features
FAQ’s About Our Calculator
Is It Free To Use A Home Insurance Calculator?
Our calculator is completely free to use. In addition, you can use the calculator as much as you want.
Does The Calculator Consider My Location?
Your coverage needs will be pretty much the same across Canada with you able to enter in information such as the value of your specific home. MyChoice’s comparison tools will give you an insurance quotes specific to your location. Location specific quotes are one way we help our customers get cheap home insurance.
Am I Required To Have Home Insurance in Canada?
You are not required by law to have property insurance in the same way you are required to have auto insurance. You may be required to have insurance as part of your mortgage agreement or if you are a renter, your landlord may require you to have tenant insurance. For the most part, it is always a good idea to have some sort of property insurance.
Get Personalized Quotes in Minutes
We offer a simple-to-use calculator that can provide you with insurance results in minutes. Our home insurance calculator only requires you to enter basic information such as the value of your home, the level of risk it faces, and your overall net worth. We then provide you with the best quotes that are tailored to suit you and your coverage needs, it’s as simple as that!